- Bitcoin bulls engineered a sudden move, almost breaking $30k after weeks of passive trading.
- The swift uptick followed fake news about BlackRock ETF approval.
- However, BlackRock confirmed their ETF application is still under review.
After long weeks of passive trading, Bitcoin saw a sudden spike in the last 24 hours. Specifically, Bitcoin nearly broke the $30k price point in the past few hours before facing resistance around the $29k region. Yet, BTC trades at $28,062.51, a significant uptick from its cumulative seven-day performance.
Notably, what caused the sudden spike in Bitcoin’s price was reports that the U.S. Securities and Exchange Commission (SEC) has approved the first Bitcoin spot exchange-traded fund (ETF) for BlackRock, a global investment firm managing trillion-dollar worth of assets.
The crypto community has long awaited the U.S. regulator’s approval for the Bitcoin spot amid multiple rounds of delay. However, investigations later revealed that the reports claiming the SEC approved the first BTC ETF were false stories.
In particular, Fox Business journalist Eleanor Terrett claimed to have contacted the BlackRock team to confirm the integrity of the circulating report. Quoting one of the reports, Terrett tweeted, “BlackRock has just confirmed to me that this is false. Their application is still under review.”
Interestingly, the site, Cointelegraph, has deleted the story following Terrett’s statement. Crypto market participants have been speculating the intent behind the false story. Some claim it was a calculated move for some individuals to profit from the enthusiasm around a Bitcoin ETF approval.
Acclaimed angel investor Evan Luthra pondered the possible market circumstances when the community gets an actual Bitcoin ETF approval. “If false BitcoinETF news can make BTC pump to $30k, imagine what will happen when the SEC really approves the Bitcoin ETF,” Luthra remarked.
Similarly, the angel investors believe the false story was a “test pump,” and according to him, the actual movie is still in the offing.
Notably, given that Blackrock has nearly $10 trillion in assets under management, crypto market experts have argued that a mere 0.3% of their funds allocated to Bitcoin could buy all BTC on exchanges.
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